Mattson Technology Announces Additional Cost Reduction Actions
Friday December 13, 8:30 am ET
FREMONT, Calif.--(BUSINESS WIRE)--Dec. 13, 2002--Mattson Technology, Inc. (NASDAQ:MTSN - News), a leading supplier of advanced process equipment used to manufacture semiconductors, today announced that it is implementing additional cost-reduction measures as part of its continuing effort to size the Company to the protracted economic downturn. The Company will implement a reduction in force and other cost-savings programs that will affect approximately 25 percent of its global workforce once fully completed. In addition, Mattson Technology continues to rationalize its product lines and operations in order to reduce its breakeven point and reach positive cash flow from operations. These actions followed significant cost-reduction programs implemented by the Company last year.
"Through product rationalization efforts, we have strengthened our focus on core business activities and continued investment in critical product and technology development programs that will enable Mattson Technology to take full advantage of the eventual market recovery," said Robert MacKnight, Mattson Technology chief operating officer. "These steps have significantly reduced our cost structure and will enhance our financial position. The protracted downturn has made additional actions necessary to align our operations with the current economic conditions in our industry."
"We continue to identify additional ways to streamline the company to develop an organization that is positioned to achieve sustainable earnings at all points in the market cycle," said David L. Dutton, president and chief executive officer of Mattson Technology. "We also remain focused on maximizing the account penetration and growth potential of our leading-edge products and expanding our relationships with our key customers. We believe these extra efforts will enable Mattson Technology to emerge from this downturn with an even stronger competitive position globally."
About Mattson Technology, Inc.
Mattson Technology, Inc. is a leading supplier of semiconductor wafer processing equipment used in "front-end" fabrication of integrated circuits. The company is a market leader in dry strip, RTP, and wet processing equipment, and its products combine advanced process technology on high-productivity platforms backed by industry-leading support. Since beginning operations in 1989, the company's core vision has been to help bring technology leadership and productivity gains to semiconductor manufacturers worldwide. Headquartered in Fremont, Calif., the company maintains sales and support centers throughout the United States, Europe and Asia. For more information, please contact Mattson Technology, Inc., 2800 Bayview Drive, Fremont, Calif. 94538. Telephone: (800) MATTSON/(510) 657-5900. Fax: (510) 226-8241. Internet: www.mattson.com.
This press release contains forward looking statements regarding, among other matters, the Company's future prospects and near-term outlook, the ability of the Company to reduce our breakeven point and achieve positive cash flow from operations, the effects of our restructuring and cost reduction programs, the ability to achieve sustainable earnings across all points in the market cycle, customer demand and our competitive position and the effect of the economic downturn. Forward looking statements address matters that are subject to a number of risks and uncertainties that can cause actual results to differ materially. In addition to the general risks associated with the slowdown in the semiconductor industry and with development of complex technology, future results of the Company will depend on a variety of factors, including the timing of significant orders, the ability of the Company to timely manufacture and deliver ordered products, the ability of the Company to bring new systems to market and rationalize its existing product lines and operations, the timing of new product releases by the Company's competitors, other competitive factors. Reference is made to the Company's filings with the Securities and Exchange Commission for further discussion of risks and uncertainties regarding the Company's business.
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Contact:
Mattson Technology, Inc.
Lauren Vu, 510/492-6518
lauren.vu@mattson.com
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Source: Mattson Technology, Inc. |
